RE:In essence, is the deal off the table?
riverrrow wrote: Since the meeting for shareholder vote is delayed indefinitely is the buyout off the table?
A vote subject to the Pentwater Agreement as it was announced seems to be kaput.
Rio isn't walking away from a further 1/3 of OT anytime soon. And they need the TRQ minority removed so they can they consolidate ETG into OTLLC with some asymmetrical funding because the Mongolians want a full 34% of all OT with no cost to them. Which is why they got their $2.4 billion in accumulated acquisition and interest costs written-off plus a promise of no further cash calls on them.
Watch the price of coppe put the lie to the fairness of the now poisoned deal's valuation assumption of $3.50 long term copper.
Nah, they will wait it out a little while and then come back with a fresh all cash offer to everybody with Pentwater and Sailingstone locked-up. The way most companies would have engineered a tight bid in the first place.
If Pentwater are unreasonable ... then we'll just have to wait and see. Personally I doubt Rio wants the equity raise to go forward when TRQ starts to run out of money in the Spring.
Show us the money, and it's done,
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Wishing all peace, health and prosperity.
cg